S&P cuts Seguros ING

Standard & Poor's said it lowered its long-term counterparty credit and financial strength ratings on Seguros ING SA de CV to BBB+ from A-.

At the same time, S&P said it affirmed its mxAAA national-scale (CaVal) financial strength and counterparty credit ratings on Seguros ING.

The outlook is stable.

According to S&P, the downgrade reflects the negative bottom-line statutory performance that the company has shown during the past three years, mainly because of an increase in auto and property/casualty claims, as well as large investments in strategic projects.

The agency added that the ratings also reflect its group methodology, in which it considers Seguros ING to be a strategically important subsidiary to its ultimate parent, ING Groep NV, given the evidence of support from the group through capital injections whenever required.

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